Beijing-based facial recognition and artificial intelligence company Shenxing Tech has raised funds to expand its business in the public security sector and provide better hi-tech solutions to its business clients.
Fosun Group's venture investment arm, Kinzon Capital, along with Matrix Partners China and Zero2IPO Venture joined in the funding round of over RMB100 million.
Founded last year, Shenxing Tech provides facial recognition technologies to real estate, public security, schools, hospitals and other institutions. Currently, its customers include Aviation Industry Corporation of China, PetroChina Company and China Railway Construction Co., Ltd.
Last month, Beijing-based face recognition firm Face++ raised at least US$100 million from Foxconn Technology Group, CCB International Holdings Ltd. and existing investors including Qiming Venture Partners and Sinovation Ventures.